What are the possibilities which can be created after doing Actuarial. How much time it take a new hired to have complete understanding of Actuarial concepts so he can apply his knowledge to something new

That certainly depends on the person. Being a young actuary is very hard. People often don't listen to you. Being an old actuary is much easier.

As a young actuary you want to be energetic and creative, but open to coaching. You need to understand that you can be wrong quite often. That's OK. Just learn the lessons that need to be learned and move forward.

When I was a young actuary in the US universal life was the hot new product. All of my colleagues were developing universal life products. I thought I'd be different and focus on universal disability. Everyone thought that was a good idea except the people who really knew the disability market. It's very different from the life market. In fact, the disability market crashed and contracted shortly after that, and nobody has heard of universal disability products. It seemed like a good idea at the time, but it wasn't.